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FCA told to review FOS oversight

Industry News | 24/09/19

The financial regulator has been urged to review how it monitors the Financial Ombudsman Service (FOS) and provide further information about its oversight of the service.

In a decision published on its website last week the Complaints Commissioner ruled in favour of the Financial Conduct Authority in an allegation of “systemic failure” at the ombudsman, a service over which the regulator has an oversight role.

The complainant claimed they had been “persecuted and discriminated against” by the FOS after making a complaint to the service and escalated their concerns to the complaints commissioner after the FCA did not uphold the complaint.